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greedy banks mortage rip off

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    #2
    ejmaztec
    Registered Users Posts: 24,085 ✭✭✭✭ejmaztec


    ibuprofen wrote: »
    Permanent TSB have raised their mortage rates by 0.5%...... I think the bailout of the banks only included BOI AIB and Anglo Irish... Still PTSB enjoyed the 440 billion gaurantee scheme on personal accounts.....


    ''Phttp://www.independent.ie/business/personal-finance/property-mortgages/mortgage-hike-shock-1838377.html


    ''Permanent TSB's standard variable rate (SVR) will increase from 2.69pc to 3.19pc on Monday. By comparison, UK-owned Bank of Scotland (Ireland)'s rate stands at 3.65pc and Ulster Bank's at 4.1pc.''


    ''The shock move will add more than €70 a month to a typical €300,000 mortgage and wipe out the effect of two rate cuts by the European Central Bank (ECB). ''


    There's quite alot of PTSB mortage customers so I'd recommend looking here....Link for mortage rates below...

    http://www.mortgages.ie/index.cfm/spKey/home.mortgage_rates.html?orderby=product&orderdir=asc&product=&lender=

    It will bring a few more struggling borrowers closer to repossession.


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    #3
    silverharp
    Registered Users Posts: 18,434 ✭✭✭✭silverharp


    to be fair banks are in the business of borrowing and lending, the problem maybe down to the cost of borrowing for Permanent. Ranting aside "Greedy" is probably the wrong adjective to use.

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #4
    ejmaztec
    Registered Users Posts: 24,085 ✭✭✭✭ejmaztec


    silverharp wrote: »
    to be fair banks are in the business of borrowing and lending, the problem maybe down to the cost of borrowing for Permanent. Ranting aside "Greedy" is probably the wrong adjective to use.

    I don't think that there's much going on with either of these at the moment.


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    #5
    Blue_Wolf
    Registered Users Posts: 861 ✭✭✭Blue_Wolf


    I don't see how this is a rip off?

    You signed into a mortgage, borrowed money you didn't have, I assume it was variable rather than fixed. Things that go up, come down, and vice versa. Everyone knows that the interest can increase as well as decrease.

    Boohoo you wouldn't complain if the interest went down.


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    #6
    silverharp
    Registered Users Posts: 18,434 ✭✭✭✭silverharp


    ejmaztec wrote: »
    I don't think that there's much going on with either of these at the moment.

    What Permanent have done is borrow short and lend long , so on a regular basis they have to go back to the market and refinance , given that there is a certain smell around Irish banks they have to pay a premium, hence they are passing it on

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #7
    allimac
    Closed Accounts Posts: 314 ✭✭allimac


    silverharp wrote: »
    What Permanent have done is borrow short and lend long , so on a regular basis they have to go back to the market and refinance , given that there is a certain smell around Irish banks they have to pay a premium, hence they are passing it on
    Yes,but why are the only bank that feels the need to raise their rates?


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    #8
    ian_m
    Registered Users Posts: 1,322 ✭✭✭ian_m


    allimac wrote: »
    Yes,but why are the only bank that feels the need to raise their rates?

    Don't speak too soon...


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    #9
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    Blue_Wolf wrote: »
    I don't see how this is a rip off?

    You signed into a mortgage, borrowed money you didn't have, I assume it was variable rather than fixed. Things that go up, come down, and vice versa. Everyone knows that the interest can increase as well as decrease.

    Boohoo you wouldn't complain if the interest went down.

    Did you wake up on the wrong side of the bed blue wolf;)...

    It's a rip off.

    and Semantics aside silverharp....
    The same loan is being sold for

    AIB 2.24% to 2.48%

    and as shown in the link

    Permanent TSB 3.19%
    Ulster Bank 4.1%
    Bank of Scotland (Ireland) 3.65%

    0.5% will add more than €70 a month to a typical €300,000 mortgage

    So for the exact same product for example

    Ulster bank charge min €226.8 more on interest alone a month more than AIB on a €300,000 mortage or € 378 more on interest alone monthly on a €500,000 mortage. now that's alot of money...:mad:

    ejmaztec , once you have a mortage you can change to another easily enough................which would be my recommendation.........hence the link.



    http://www.mortgages.ie/index.cfm/sp...oduct=&lender=


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    #10
    darc
    Closed Accounts Posts: 677 ✭✭✭darc


    The biggest problem with these threads is too many people believe the evening hysterical & the Joe rant rant Duffy show.

    Yes the average mortage in the last 3/4 years was €300k, but also most mortagages until last year were trackers - there is no change to the tracker rate.

    Most variable rate mortgages are those taken out 5 years ago and according to ptsb the average balance is UNDER €60k. With the average monthly increase about €12.

    For those who took a mortgage recently and are on variable, unless the mortage is for over €500k, then they will also see an increase in their TRS refunds of about €15 / month. The net increase is .375%


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    #11
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    darc wrote: »
    The biggest problem with these threads is too many people believe the evening hysterical & the Joe rant rant Duffy show.

    Yes the average mortage in the last 3/4 years was €300k, but also most mortagages until last year were trackers - there is no change to the tracker rate.

    Most variable rate mortgages are those taken out 5 years ago and according to ptsb the average balance is UNDER €60k. With the average monthly increase about €12.

    For those who took a mortgage recently and are on variable, unless the mortage is for over €500k, then they will also see an increase in their TRS refunds of about €15 / month. The net increase is .375%

    Have to agree with you on the media...... All through the world recession they have been announcing doom and gloom in Ireland....sensationalising stories leaving out all the facts and putting them out of context...
    .
    Even in the story I gave a link to it's inferred but not stated that PTSB are one of the banks that got the 7 billion (which isn't being given away or thrown into some bottomless pit somewhere, as you might think from reading the papers but loaned at 8%, a pretty good return for the current economic environment )

    Media aside, a half percent rise with no ECB rates influence on it is massive.......and there are bound to be some people with €300,000 plus mortages in ptsb.


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